Please compute the additional payment. also please include the formula used in e
ID: 2811068 • Letter: P
Question
Please compute the additional payment. also please include the formula used in excel. Thanks!
Auto Loan Payment Calculator Inputs Auto Loan Amount $20,000 Annual Interest Rate 8.50% Term of Loan in Years 3 First Payment Date 2/1/18 Last Payment Date 1/1/21 Frequency of Payment Monthly Summary Number of Payments 36 Rate (per period) 0.708% Payment (per period) $631.35 Total Interest $2,728.63 Total Payments $22,728.63 No. Due Date Payment Due Additional Payment Interest Principal Balance $20,000.00 1 2/1/18 631.35 0.00 141.67 489.68 19,510.32 2 3/1/18 631.35 0.00 138.20 493.15 19,017.17 3 4/1/18 631.35 0.00 134.70 496.65 18,520.52 4 5/1/18 631.35 0.00 131.19 500.16 18,020.36 5 6/1/18 631.35 0.00 127.64 503.71 17,516.65 6 7/1/18 631.35 0.00 124.08 507.27 17,009.38 7 8/1/18 631.35 0.00 120.48 510.87 16,498.50 8 9/1/18 631.35 0.00 116.86 514.49 15,984.01 9 10/1/18 631.35 0.00 113.22 518.13 15,465.88 10 11/1/18 631.35 0.00 109.55 521.80 14,944.08 11 12/1/18 631.35 0.00 105.85 525.50 14,418.58 12 1/1/19 631.35 0.00 102.13 529.22 13,889.36 13 2/1/19 631.35 0.00 98.38 532.97 13,356.39 14 3/1/19 631.35 0.00 94.61 536.74 12,819.65 15 4/1/19 631.35 0.00 90.81 540.54 12,279.11 16 5/1/19 631.35 0.00 86.98 544.37 11,734.74 17 6/1/19 631.35 0.00 83.12 548.23 11,186.51 18 7/1/19 631.35 0.00 79.24 552.11 10,634.40 19 8/1/19 631.35 0.00 75.33 556.02 10,078.38 20 9/1/19 631.35 0.00 71.39 559.96 9,518.42 21 10/1/19 631.35 0.00 67.42 563.93 8,954.48 22 11/1/19 631.35 0.00 63.43 567.92 8,386.56 23 12/1/19 631.35 0.00 59.40 571.95 7,814.61 24 1/1/20 631.35 0.00 55.35 576.00 7,238.61 25 2/1/20 631.35 0.00 51.27 580.08 6,658.53 26 3/1/20 631.35 0.00 47.16 584.19 6,074.34 27 4/1/20 631.35 0.00 43.03 588.32 5,486.02 28 5/1/20 631.35 0.00 38.86 592.49 4,893.53 29 6/1/20 631.35 0.00 34.66 596.69 4,296.84 30 7/1/20 631.35 0.00 30.44 600.91 3,695.93 31 8/1/20 631.35 0.00 26.18 605.17 3,090.76 32 9/1/20 631.35 0.00 21.89 609.46 2,481.30 33 10/1/20 631.35 0.00 17.58 613.77 1,867.53 34 11/1/20 631.35 0.00 13.23 618.12 1,249.40 35 12/1/20 631.35 0.00 8.85 622.50 626.90 36 1/1/21 631.34 0.00 4.44 626.90 0.00Explanation / Answer
No.
Due Date
Payment Due
Additional Payment
Interest
Principal
Balance
$20,000.00
1
2/1/2018
631.35
$489.68
141.6667
$489.68
19,510.32
2
3/1/2018
631.35
$493.15
138.1981
$493.15
19,017.16
3
4/1/2018
631.35
$496.65
134.7049
$496.65
18,520.52
4
5/1/2018
631.35
$500.16
131.187
$500.16
18,020.36
5
6/1/2018
631.35
$503.71
127.6442
$503.71
17,516.65
6
7/1/2018
631.35
$507.27
124.0763
$507.27
17,009.38
7
8/1/2018
631.35
$510.87
120.4831
$510.87
16,498.51
8
9/1/2018
631.35
$514.49
116.8644
$514.49
15,984.02
9
10/1/2018
631.35
$518.13
113.2202
$518.13
15,465.89
10
11/1/2018
631.35
$521.80
109.5501
$521.80
14,944.09
11
12/1/2018
631.35
$525.50
105.854
$525.50
14,418.60
12
1/1/2019
631.35
$529.22
102.1317
$529.22
13,889.38
13
2/1/2019
631.35
$532.97
98.38311
$532.97
13,356.41
14
3/1/2019
631.35
$536.74
94.60793
$536.74
12,819.67
15
4/1/2019
631.35
$540.54
90.80601
$540.54
12,279.13
16
5/1/2019
631.35
$544.37
86.97715
$544.37
11,734.75
17
6/1/2019
631.35
$548.23
83.12118
$548.23
11,186.53
18
7/1/2019
631.35
$552.11
79.23789
$552.11
10,634.41
19
8/1/2019
631.35
$556.02
75.3271
$556.02
10,078.39
20
9/1/2019
631.35
$559.96
71.3886
$559.96
9,518.43
21
10/1/2019
631.35
$563.93
67.42221
$563.93
8,954.50
22
11/1/2019
631.35
$567.92
63.42772
$567.92
8,386.58
23
12/1/2019
631.35
$571.95
59.40494
$571.95
7,814.63
24
1/1/2020
631.35
$576.00
55.35366
$576.00
7,238.64
25
2/1/2020
631.35
$580.08
51.27369
$580.08
6,658.56
26
3/1/2020
631.35
$584.19
47.16481
$584.19
6,074.38
27
4/1/2020
631.35
$588.32
43.02684
$588.32
5,486.05
28
5/1/2020
631.35
$592.49
38.85955
$592.49
4,893.56
29
6/1/2020
631.35
$596.69
34.66274
$596.69
4,296.88
30
7/1/2020
631.35
$600.91
30.4362
$600.91
3,695.96
31
8/1/2020
631.35
$605.17
26.17973
$605.17
3,090.79
32
9/1/2020
631.35
$609.46
21.89311
$609.46
2,481.33
33
10/1/2020
631.35
$613.77
17.57612
$613.77
1,867.56
34
11/1/2020
631.35
$618.12
13.22856
$618.12
1,249.44
35
12/1/2020
631.35
$622.50
8.850197
$622.50
626.94
36
1/1/2021
631.34
$626.90
4.440823
$626.90
0.04
The above is worked on excel and pasted.
EXCEL FORMULA.
Step 1: additional payment = payment made-interest
Step 2 Interest= 8.5%o0f remaining balance
Step 3: Principal paid= additional paid
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